Forexlive Americas FX News Wrap: ISM Services Soft, BTC and Gold Hit Records

Tuesday, 5 March 2024, 21:43
The ISM services index and US factory orders data came in lower than expected, signaling a potential softening in the US economy. This led to a sell-off in the dollar, boosting equities and pushing Bitcoin to a new record above $69,000. Despite volatility, gold also hit an all-time high at $2140. Risk aversion affected currency markets, with JPY leading and CAD lagging, while commodity currencies surprisingly held up amidst the uncertainty.
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Forexlive Americas FX News Wrap: ISM Services Soft, BTC and Gold Hit Records

Forexlive Americas FX News Wrap

The ISM services index and US factory orders for January fell short of expectations, indicating a possible economic slowdown. The market reacted with a sell-off in the dollar and gains in equities, propelling Bitcoin to a new record high above $69,000.

Market Movements

  • Gold prices rose by $13 to $2128.
  • Bitcoin saw a 5.5% decline to $63,854.
  • US 10-year yields dropped by 7.8 bps to 4.14%.

The day witnessed a shift towards risk aversion, with JPY gaining and CAD weakening. Despite the overall uncertainty, commodity currencies remained resilient, defying the market sentiment.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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